Intrinsic value of Brown&Brown - BRO

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$42.93

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BRO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.38
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  1,767
  1,894
  2,026
  2,164
  2,307
  2,455
  2,610
  2,771
  2,939
  3,114
  3,296
  3,486
  3,684
  3,891
  4,108
  4,334
  4,570
  4,817
  5,076
  5,346
  5,629
  5,926
  6,237
  6,562
  6,903
  7,260
  7,634
  8,027
  8,439
  8,870
  9,323
Variable operating expenses, $m
 
  1,371
  1,448
  1,528
  1,611
  1,698
  1,788
  1,882
  1,980
  2,082
  2,188
  2,031
  2,146
  2,267
  2,393
  2,525
  2,663
  2,807
  2,957
  3,115
  3,280
  3,453
  3,633
  3,823
  4,022
  4,230
  4,448
  4,677
  4,916
  5,168
  5,432
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,305
  1,371
  1,448
  1,528
  1,611
  1,698
  1,788
  1,882
  1,980
  2,082
  2,188
  2,031
  2,146
  2,267
  2,393
  2,525
  2,663
  2,807
  2,957
  3,115
  3,280
  3,453
  3,633
  3,823
  4,022
  4,230
  4,448
  4,677
  4,916
  5,168
  5,432
Operating income, $m
  462
  523
  578
  636
  695
  757
  822
  889
  959
  1,032
  1,108
  1,455
  1,538
  1,624
  1,714
  1,809
  1,907
  2,011
  2,119
  2,231
  2,350
  2,473
  2,603
  2,739
  2,881
  3,030
  3,187
  3,350
  3,522
  3,702
  3,891
EBITDA, $m
  570
  818
  875
  934
  996
  1,060
  1,127
  1,197
  1,269
  1,344
  1,423
  1,505
  1,591
  1,680
  1,774
  1,871
  1,973
  2,080
  2,192
  2,308
  2,431
  2,559
  2,693
  2,833
  2,981
  3,135
  3,296
  3,466
  3,644
  3,830
  4,026
Interest expense (income), $m
  38
  36
  43
  50
  58
  66
  75
  83
  93
  102
  112
  122
  133
  145
  156
  169
  181
  195
  209
  224
  239
  255
  272
  290
  308
  327
  348
  369
  391
  415
  439
Earnings before tax, $m
  424
  487
  536
  585
  637
  691
  747
  806
  866
  930
  996
  1,333
  1,405
  1,480
  1,558
  1,640
  1,726
  1,816
  1,910
  2,008
  2,111
  2,218
  2,331
  2,449
  2,573
  2,703
  2,839
  2,981
  3,131
  3,288
  3,452
Tax expense, $m
  167
  132
  145
  158
  172
  187
  202
  218
  234
  251
  269
  360
  379
  400
  421
  443
  466
  490
  516
  542
  570
  599
  629
  661
  695
  730
  766
  805
  845
  888
  932
Net income, $m
  257
  356
  391
  427
  465
  505
  545
  588
  633
  679
  727
  973
  1,025
  1,080
  1,137
  1,197
  1,260
  1,326
  1,394
  1,466
  1,541
  1,619
  1,702
  1,788
  1,878
  1,973
  2,072
  2,176
  2,286
  2,400
  2,520

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  531
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,263
  5,092
  5,447
  5,817
  6,201
  6,601
  7,016
  7,449
  7,900
  8,370
  8,860
  9,371
  9,904
  10,461
  11,042
  11,650
  12,285
  12,949
  13,644
  14,372
  15,133
  15,930
  16,765
  17,639
  18,556
  19,516
  20,523
  21,578
  22,685
  23,845
  25,062
Adjusted assets (=assets-cash), $m
  4,732
  5,092
  5,447
  5,817
  6,201
  6,601
  7,016
  7,449
  7,900
  8,370
  8,860
  9,371
  9,904
  10,461
  11,042
  11,650
  12,285
  12,949
  13,644
  14,372
  15,133
  15,930
  16,765
  17,639
  18,556
  19,516
  20,523
  21,578
  22,685
  23,845
  25,062
Revenue / Adjusted assets
  0.373
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
Average production assets, $m
  726
  818
  875
  935
  997
  1,061
  1,128
  1,197
  1,270
  1,345
  1,424
  1,506
  1,592
  1,681
  1,775
  1,872
  1,974
  2,081
  2,193
  2,310
  2,432
  2,560
  2,694
  2,835
  2,982
  3,136
  3,298
  3,468
  3,646
  3,832
  4,028
Working capital, $m
  291
  -170
  -182
  -195
  -208
  -221
  -235
  -249
  -264
  -280
  -297
  -314
  -332
  -350
  -370
  -390
  -411
  -434
  -457
  -481
  -507
  -533
  -561
  -591
  -621
  -653
  -687
  -722
  -759
  -798
  -839
Total debt, $m
  1,074
  1,223
  1,437
  1,660
  1,892
  2,134
  2,385
  2,646
  2,919
  3,202
  3,498
  3,807
  4,129
  4,465
  4,816
  5,183
  5,567
  5,968
  6,388
  6,827
  7,287
  7,769
  8,273
  8,801
  9,355
  9,935
  10,543
  11,180
  11,849
  12,549
  13,284
Total liabilities, $m
  2,903
  3,076
  3,290
  3,513
  3,745
  3,987
  4,238
  4,499
  4,772
  5,055
  5,351
  5,660
  5,982
  6,318
  6,669
  7,036
  7,420
  7,821
  8,241
  8,680
  9,140
  9,622
  10,126
  10,654
  11,208
  11,788
  12,396
  13,033
  13,702
  14,402
  15,137
Total equity, $m
  2,360
  2,016
  2,157
  2,303
  2,456
  2,614
  2,778
  2,950
  3,128
  3,314
  3,508
  3,711
  3,922
  4,142
  4,373
  4,613
  4,865
  5,128
  5,403
  5,691
  5,993
  6,308
  6,639
  6,985
  7,348
  7,728
  8,127
  8,545
  8,983
  9,443
  9,925
Total liabilities and equity, $m
  5,263
  5,092
  5,447
  5,816
  6,201
  6,601
  7,016
  7,449
  7,900
  8,369
  8,859
  9,371
  9,904
  10,460
  11,042
  11,649
  12,285
  12,949
  13,644
  14,371
  15,133
  15,930
  16,765
  17,639
  18,556
  19,516
  20,523
  21,578
  22,685
  23,845
  25,062
Debt-to-equity ratio
  0.455
  0.610
  0.670
  0.720
  0.770
  0.820
  0.860
  0.900
  0.930
  0.970
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
Adjusted equity ratio
  0.387
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  356
  391
  427
  465
  505
  545
  588
  633
  679
  727
  973
  1,025
  1,080
  1,137
  1,197
  1,260
  1,326
  1,394
  1,466
  1,541
  1,619
  1,702
  1,788
  1,878
  1,973
  2,072
  2,176
  2,286
  2,400
  2,520
Depreciation, amort., depletion, $m
  108
  295
  297
  299
  301
  303
  305
  307
  310
  312
  315
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
  134
Funds from operations, $m
  350
  651
  688
  726
  766
  807
  851
  896
  942
  991
  1,042
  1,023
  1,078
  1,136
  1,197
  1,260
  1,326
  1,395
  1,467
  1,543
  1,622
  1,705
  1,792
  1,882
  1,978
  2,078
  2,182
  2,292
  2,407
  2,528
  2,654
Change in working capital, $m
  -25
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
Cash from operations, $m
  375
  681
  700
  738
  779
  821
  864
  910
  957
  1,007
  1,058
  1,040
  1,096
  1,155
  1,216
  1,280
  1,347
  1,417
  1,490
  1,567
  1,647
  1,731
  1,819
  1,912
  2,008
  2,110
  2,216
  2,327
  2,444
  2,567
  2,695
Maintenance CAPEX, $m
  0
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
New CAPEX, $m
  -18
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -76
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -186
  -196
Cash from investing activities, $m
  -142
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -112
  -118
  -124
  -129
  -136
  -142
  -149
  -157
  -164
  -173
  -181
  -190
  -199
  -209
  -219
  -231
  -241
  -253
  -267
  -280
  -294
  -308
  -324
Free cash flow, $m
  233
  600
  615
  650
  686
  723
  762
  803
  845
  889
  935
  910
  960
  1,012
  1,067
  1,123
  1,183
  1,245
  1,309
  1,377
  1,448
  1,522
  1,600
  1,681
  1,767
  1,856
  1,950
  2,048
  2,151
  2,259
  2,372
Issuance/(repayment) of debt, $m
  -73
  205
  215
  223
  232
  241
  251
  261
  272
  284
  296
  309
  322
  336
  351
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
  701
  735
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -91
  205
  215
  223
  232
  241
  251
  261
  272
  284
  296
  309
  322
  336
  351
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
  701
  735
Total cash flow (excl. dividends), $m
  142
  805
  830
  873
  918
  965
  1,013
  1,064
  1,117
  1,173
  1,231
  1,219
  1,282
  1,349
  1,418
  1,490
  1,566
  1,646
  1,729
  1,816
  1,908
  2,004
  2,104
  2,210
  2,320
  2,436
  2,558
  2,685
  2,819
  2,959
  3,107
Retained Cash Flow (-), $m
  -210
  -131
  -141
  -146
  -152
  -158
  -165
  -171
  -179
  -186
  -194
  -202
  -211
  -220
  -230
  -241
  -252
  -263
  -275
  -288
  -301
  -316
  -331
  -346
  -363
  -380
  -399
  -418
  -438
  -459
  -482
Prev. year cash balance distribution, $m
 
  475
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,148
  689
  727
  766
  806
  849
  893
  939
  987
  1,037
  1,017
  1,071
  1,128
  1,188
  1,250
  1,315
  1,383
  1,454
  1,528
  1,606
  1,688
  1,774
  1,863
  1,957
  2,056
  2,159
  2,267
  2,381
  2,500
  2,625
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,101
  631
  632
  631
  625
  616
  603
  587
  567
  544
  483
  457
  429
  399
  367
  334
  301
  268
  235
  204
  175
  147
  122
  100
  80
  63
  49
  37
  27
  20
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Brown & Brown, Inc. markets and sells insurance products and services primarily in the United States, as well as in England, Bermuda, and the Cayman Islands. Its Retail segment provides property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, and dental insurance, as well as risk management and loss control surveys and analysis, consultation, and claims processing services. The company’s National Programs segment offers professional liability and related package insurance products for professional groups comprising dentists, oral surgeons, hygienists, lawyers, CPA’s, optometrists, opticians, ophthalmologists, insurance agents, financial advisors, registered representatives, securities broker-dealers, benefit administrators, real estate brokers, real estate title agents, and escrow agents, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liability. This segment also provides outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, as well as underwrites flood insurance products. Its Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance products and services to retail insurance agencies. The company’s Services segment offers third-party claims administration and medical utilization management services in the workers’ compensation and all-lines liability arenas, as well as Medicare set-aside services, Social Security disability and Medicare benefits advocacy services, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.

FINANCIAL RATIOS  of  Brown&Brown (BRO)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 3.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate 6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio 9
Current Ratio 0.2
LT Debt to Equity 43.1%
Total Debt to Equity 45.5%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 31.7%
Operating Margin 26.1%
Oper. Margin - 3 Yr. Avg. 26.4%
Pre-Tax Margin 24%
Pre-Tax Margin - 3 Yr. Avg. 23.3%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 39.4%
Payout Ratio 27.2%

BRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRO stock intrinsic value calculation we used $1767 million for the last fiscal year's total revenue generated by Brown&Brown. The default revenue input number comes from 2016 income statement of Brown&Brown. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BRO stock valuation model: a) initial revenue growth rate of 7.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BRO is calculated based on our internal credit rating of Brown&Brown, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brown&Brown.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BRO stock the variable cost ratio is equal to 73.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BRO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Brown&Brown.

Corporate tax rate of 27% is the nominal tax rate for Brown&Brown. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BRO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BRO are equal to 43.2%.

Life of production assets of 31.4 years is the average useful life of capital assets used in Brown&Brown operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BRO is equal to -9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2360 million for Brown&Brown - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 138.819 million for Brown&Brown is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brown&Brown at the current share price and the inputted number of shares is $6.0 billion.


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COMPANY NEWS

▶ Brown & Brown acquires assets of two firms   [Jun-23-17 10:20AM  American City Business Journals]
▶ Brown & Brown, Inc. Announces Senior Leader Appointment   [Jun-15-17 06:50AM  GlobeNewswire]
▶ ETFs with exposure to Brown & Brown, Inc. : June 14, 2017   [Jun-14-17 01:27PM  Capital Cube]
▶ ETFs with exposure to Brown & Brown, Inc. : June 2, 2017   [Jun-02-17 01:55PM  Capital Cube]
▶ Brown & Brown, Inc. Resolves Lawsuit Brought by EEOC   [May-03-17 02:59PM  GlobeNewswire]
▶ These Central Florida public companies have the most cash on hand   [Apr-21-17 10:50AM  American City Business Journals]
▶ Brown & Brown tops Street 1Q forecasts   [Apr-17-17 06:02PM  Associated Press]
▶ Brown & Brown, Inc. Announces Quarterly Cash Dividend   [Jan-20-17 06:30PM  Marketwired]
▶ AIG: Better Returns, Higher Valuation?   [Dec-12-16 03:48PM  at Barrons.com]
▶ Hedge Funds Are Buying Brown & Brown, Inc. (NYSE:BRO)   [Dec-07-16 02:24AM  at Insider Monkey]
▶ Brown & Brown hikes dividend by 10%   [Oct-12-16 06:43PM  at MarketWatch]
Stock chart of BRO Financial statements of BRO Annual reports of BRO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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